The collapse of the group would arguably be the most significant corporate casualty of the coronavirus pandemic so far.
Britain’s biggest shopping centre-owner Intu says it is likely to appoint administrators after talks with creditors stalled.
The collapse of the group, which owns the Trafford Centre in Manchester, the Metrocentre in Gateshead and Lakeside in Essex, would arguably be the most significant corporate casualty of the coronavirus pandemic so far.
The group has struggled under a £4.5bn debt burden for the past year, but has been hammered by significantly lower rent payments from retail tenants as a result of the since the COVID-19 crisis.
Intu directly employs nearly 3,000 people, but is a disproportionately important player in many of the UK’s regional economies, with a further 102,000 people working in its 17 UK shopping centres.